Nigerian Depot Owners Slash Petrol Prices to Rival Dangote Refinery

Private depot owners in Nigeria have reduced petrol prices to compete with Dangote Refinery's aggressive pricing strategy. Following Dangote's price announcement, several depot owners, including Aiteo, First Royal, and Menj, lowered their prices by N2 per liter to attract customers.

However, some depots like Sigmund and Rainoil marginally adjusted their prices, while Wosbab increased theirs. Dangote's direct distribution to customers has stirred concerns among Depot Petroleum Products Marketers Association (DAPPMAN), warning against market dominance.

The price adjustments reflect the intense competition in the petroleum sector as players strive to maintain market share and profitability.